Author Topic: The biggest roadblock to my FI?  (Read 3543 times)

IWannaBeFree

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The biggest roadblock to my FI?
« on: March 30, 2012, 09:23:52 AM »
My situation. 

I am on a path to (hopefully) reach FI by my late 40's, in about 7 years.  My biggest concern is the uncertainty in Medical Insurance rates.  I have read many horror stories about people being unable to secure coverage, or at extremely high rates; and also read stories of healthy people obtaining high deductible reasonable rate policies. 

My specific question for those that are already living the FI dream is:  How scared should I be about this issue?  My specific situation upon my FI target date is:  Married, late 40's, 1 teenage child....but, by fear is my pre-existing condition.  I'm a childhood cancer survivor, and healthy for the last 25years.  I'm fearful that this pre-existing condition will disqualify me for any reasonable policy!

I plan on investigating coverage soon, but have been a little paralized by the concern.  Plus I'm still about 7 years out.

Any insight from the Mustachian community woud be extremely helpful, especially anyone in a similar situation!

arebelspy

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Re: The biggest roadblock to my FI?
« Reply #1 on: March 30, 2012, 04:56:45 PM »
That's tough.

You're right, it will be a major factor.  We'll have to see what happens with ObamaCare this week, and any subsequent fallout of that.

Luckily, you have time.  Like you said, you need to investigate coverage.  Most anything said here will be speculation (which can be helpful, to help you think of other things), but when it comes down to it, you'll have to see what is available for you, since your situation is so unique.

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menorman

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Re: The biggest roadblock to my FI?
« Reply #2 on: March 30, 2012, 06:56:07 PM »
That's tough.

You're right, it will be a major factor.  We'll have to see what happens with ObamaCare in June, and any subsequent fallout of that.

Luckily, you have time.  Like you said, you need to investigate coverage.  Most anything said here will be speculation (which can be helpful, to help you think of other things), but when it comes down to it, you'll have to see what is available for you, since your situation is so unique.
Fixed it for you.

arebelspy

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Re: The biggest roadblock to my FI?
« Reply #3 on: March 30, 2012, 09:24:34 PM »
Sure.  I meant how it's beginning to be addressed.  Actual ruling coming out then.  Either way, I think the subsequent fallout and what Obama tries to do after that will be more important.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with two kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.


IWannaBeFree

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Re: The biggest roadblock to my FI?
« Reply #5 on: March 31, 2012, 06:51:49 AM »
Check this out:

http://www.mrmoneymustache.com/2011/09/21/i-can-never-retire-because-of-health-insurance-waaah-waaah/

I've read this, and don't disagree, but if you read carefully, all of the costs referenced in this article are for "NO PRE-EXISTING CONDITIONS". 

I have checked out many companies on-line rates, and many just ask simple questions like "have you been diagnosed or treated for a condition in the last 5 years".  While in many cases for people, the answer is no (as in my case, I have haven't been treated in 25 yrs), but that doesn't mean much to the insurance companies.  Upon the application and underwriting process they will review full medical history and can still deny coverage.  I have yet to get an insurance company to give me a decent answer without going through the full application process.

I will certainly keep abreast of the political situation over the months and years to come.

I was thinking/hoping there might have been someone in this community that acquired family medical insurance with a PE.

Thanks for the comments.

sol

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Re: The biggest roadblock to my FI?
« Reply #6 on: March 31, 2012, 07:43:44 AM »
The Affordable Care Act (aka Obamacare) has removed pre-existing condition exclusions for children and would phase out the same exclusion for adults in the next few years.  If the Supreme Court allows the law to stand as written, people like you would be legally guaranteed access to health insurance.  You would probably end up in a high-risk pool and thus pay higher premiums, but at least insurance companies wouldn't be allowed to deny you health care.

Most people seem to be predicting the Court will strike it down, though, based on the litany of Tea Party slogans that have been coming out of the mouths of Supreme Court Justices the past few days.